EURGBP appears to be on a medium-term uptrend that began on August 23rd at 0.84922. Here's how it's been progressing from Elliott wave perspective:
First, there was a move up to 0.86105 (Wave 1).
Then, an ABC correction in wave 2 brought it down to 0.85239.
The uptrend continued in wave 3, reaching 0.87094.
After that, a corrective wave 4 formed a triangle pattern and finished around 0.86328.
Currently, we're anticipating the start of Wave 5, which should break out of the triangle pattern, indicating an upward move. The best approach is to wait for the price to pass 0.86550 and possibly retest it on a shorter time frame before considering a long position.
Our target for this uptrend is 0.87405. This outlook becomes invalidated if price breach the 0.86103 price level.
First, there was a move up to 0.86105 (Wave 1).
Then, an ABC correction in wave 2 brought it down to 0.85239.
The uptrend continued in wave 3, reaching 0.87094.
After that, a corrective wave 4 formed a triangle pattern and finished around 0.86328.
Currently, we're anticipating the start of Wave 5, which should break out of the triangle pattern, indicating an upward move. The best approach is to wait for the price to pass 0.86550 and possibly retest it on a shorter time frame before considering a long position.
Our target for this uptrend is 0.87405. This outlook becomes invalidated if price breach the 0.86103 price level.
Comment:
The market has moved +75pips in our direction. It won't be a bad idea to close partial or be risk free.
Trade closed: target reached
